IREN (NASDAQ:IREN) Stock Falls 6.3% - Here's What Happened

Key Points

• IREN shares fell 6.3% to $38.69 in mid-day trading, with volume rising 16% above the average session level.
• Despite the sell-off, analysts remain broadly bullish: IREN has a consensus “Moderate Buy” rating and an average price target of $81.13, with recent targets ranging from $65 to $100.
• IREN operates renewable-energy data centers supporting bitcoin mining and AI cloud services; institutional investors own approximately 41.08% of its shares.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price dropped 6.3% during mid-day trading on Wednesday. The company traded as low as $38.34 and last traded at $38.69. 48,985,292 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 42,250,777 shares. The stock had previously closed at $41.28.

Analysts Set New Price Targets

A number of brokerages have commented on IREN. JPMorgan Chase & Co. raised shares of IREN from an "underweight" rating to an "overweight" rating and increased their price objective for the company from $46.00 to $65.00 in a research report on Monday, September 14th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $100.00 price objective on shares of IREN in a research report on Thursday, August 13th. BTIG Research reiterated a "buy" rating and set a $80.00 target price on shares of IREN in a research note on Monday, September 14th. Cantor Fitzgerald reissued an "overweight" rating and issued a $99.00 target price on shares of IREN in a report on Friday, August 28th. Finally, Morgan Stanley cut IREN to a "buy" rating in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, IREN presently has a consensus rating of "Moderate Buy" and an average target price of $81.13.

IREN Price Performance

The company has a debt-to-equity ratio of 1.80, a current ratio of 3.55 and a quick ratio of 3.55. The company's 50 day simple moving average is $41.78 and its 200 day simple moving average is $45.78. The company has a market capitalization of $15.25 billion, a PE ratio of -16.53 and a beta of 4.26.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Polaris Financial Partners purchased a new stake in IREN in the third quarter valued at $342,000. Andra AP fonden purchased a new position in shares of IREN during the second quarter worth about $218,000. SkyView Investment Advisors LLC acquired a new stake in shares of IREN during the second quarter worth about $823,000. Sequoia Financial Advisors LLC acquired a new stake in shares of IREN during the second quarter worth about $263,000. Finally, MCF Advisors LLC lifted its holdings in shares of IREN by 5,159.1% in the 2nd quarter. MCF Advisors LLC now owns 1,157 shares of the company's stock valued at $53,000 after purchasing an additional 1,135 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN's operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.

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